2023年三季度金融科技与支付公众薪酬表和估值指南（英）

EMERGING TECH RESEARCH Q32023Fintech & Payments Public Company Comp Sheet and Valuation GuideInstitutional Research GroupAnalysispbinstitutionalresearch@pitchbook.comQ3 2023 FINTECH & PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDE2James Ulan Lead Analyst, Emerging Technologyjames.ulan@pitchbook.comPitchBook Data, Inc.John Gabbert Founder, CEONizar Tarhuni Vice President, Institutional Research and EditorialPaul Condra Head of Emerging Technology ResearchPublished on October 9, 2023Key takeawaysEmail analysts James Ulan and Rudy Yang to schedule a time this week to speak about fintech & payments valuations. Fintech returns interspersed: The majority of our fintech cohorts underperformed the market in Q3 2023. However, the neobanks, brokers, and crypto group as well as high-growth fintech delivered median returns of 12.3% and 19.1%, respectively, during the quarter, outpacing the S&P 500’s -0.4% and the Nasdaq’s 2.0% returns. Not all high-growth companies performed well, however, as the median return for high-growth payments companies trailed at -9.8%. IPOs drag and some SPACs outperform: Returns for recent fintech and payment IPOs were -5.3% in Q3 2023, underperforming the S&P 500 and the Nasdaq. Conversely, shares of recent fintech and payment SPACs significantly outperformed in Q3, returning 10.0%. SPAC outperformance was primarily driven by the increase in share prices for MoneyLion (131.2%), Pagaya (40.2%), and Dave (32.3%), though Q2 2023 results from these companies were mixed. Still, not all SPACs have performed well, as illustrated by the -97.1% plummet in Better.com’s shares since merging with its SPAC partner Aurora. Investors still value quality and profitability, and IPOs have still outperformed SPACs YTD returning 34.5% versus 14.8% for SPACs. Rudy Yang Senior Analyst, Emerging Technologyrudy.yang@pitchbook.comThe PitchBook foodtech compsheet was constructed with thePitchBook Excel plug-in utilizingboth PitchBook and Morningstardata. The tool allows subscribersto pull financial data andcompany information into Excelfor over 55,000 public companiesacross the US and the world, aswell as PitchBook’s proprietarydata on over 3.6 millionprivate companies3Q3 2023 FINTECH & PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEMomentum in multiples growth halts: While fintech multiples expanded broadly in Q2 2023, most segments saw valuation multiples contract in Q3. Cohorts that saw an uptick in their median EV/NTM sales multiples include neobanks, brokers, and crypto (from 2.0x to 2.7x), as well as high-growth payments (from 3.8x to 4.1x), and high-growth fintech (from 3.9x to 4.5x). Meanwhile, EV/NTM EBITDA multiples contracted for all groups with the exception of high-growth fintech (from 58.0x to 60.7x), generally due to declining EBITDA forecasts outpacing EV growth. M&A yet to pick up: Q3 2023 saw a few more acquisitions, including Zillow’s acquisitions of digital title and escrow company Spruce as well as real estate media software and